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NYDIG: The evaluation metric mNAV of the encryption treasury (DAT) company is misleading.
On September 28, Greg Cipolaro, the global research director of NYDIG, stated that the metric "mNAV" (market capitalization to net asset value ratio), commonly used to assess encryption treasury (DAT) companies, should be completely removed from industry reports as it can be misleading, not taking into account the operational business of treasury companies or other assets and liabilities they may have. The calculation of mNAV typically uses "assumed circulating shares," leading to the exclusion of potential unconverted convertible debt.